During the General Annual Meeting on April 30, 2024, shareholders of Vitesco Technologies, a leader in electrification solutions for sustainable mobility, approved the merger with the German company Schaeffler AG. The Annual General Meeting, which was held virtually at the Gaszhlerwerkstatt in Munich, marks a significant step in the growth of both companies, especially in their mutual growth areas energized by the surge in e-mobility. Schaeffler AG, with a history of over 75 years of innovating motion technology through high-precision components and systems for industrial applications, aims to make movement more efficient and sustainable. With about 90% of Vitesco’s shares under its control, Schaeffler AG’s planned merger includes reorganizing into four specialized divisions. Vitesco’s CEO, Andreas Wolf, emphasizes that the larger combined entity will further enhance their expertise and collaborative efforts in advancing cleaner mobility technologies. Despite the challenging landscape of 2023, Vitesco Technologies boasts successful order revenues exceeding 12 billion euros, with electric vehicle components accounting for around 8.3 billion euros. By the close of 2023, Vitesco secured a total order portfolio worth an estimated 58 billion euros, half of which pertains to electrification. The merger, expected to complete in late 2024, reflects the company’s profitability and positive cash flow, exceeding previous expectations. The move also demonstrates shareholder confidence, with a nearly complete representation at the vote, and Vitesco’s ascendancy in the electric mobility market. Wolf thanked the shareholders for their trust and celebrated the achievements of 2023 and prior years. Vitesco Technologies prides itself as a key international developer and manufacturer of progressive propulsion systems for sustainable mobility, offering a product portfolio that encompasses electric drives, electronic controls, sensors, actuators, and exhaust management solutions. In 2023 alone, Vitesco achieved sales of 9,230 million euros and operates with roughly 35,500 employees across 50 locations, headquartered in Regensburg, Germany.

Automotive & Auto Components, Electric Vehicles & E-Mobility,Germany, Global

https://www.globenewswire.com/news-release/2024/05/10/2879794/0/es/Vitesco-Technologies-anuncia-fusi%C3%B3n-con-Schaeffler-AG-para-impulsar-la-electromovilidad-del-futuro.html